Welsh Conservatives recently held a debate in the National Assembly calling for a package of measures to address Labour’s housing supply crisis, including a cut in stamp duty to help get the Welsh housing market moving.
It followed the launch of our pledge to abolish stamp duty on the sale of properties valued up to £250,000 once the power to vary stamp duty is transferred to the Assembly.
The announcement followed last autumn’s package of measures to tackle Labour’s housing supply crisis, including cutting red tape to allow more home building, action to bring empty homes back into use and reforming the right to buy.
Figures released today show a 12% drop in the number of new homes built in 2012 - despite an increase elsewhere in the UK (http://www.bbc.co.uk/news/uk-wales-26245867)
Stamp duty is currently paid at a rate of 1% on property sales up to £250,000, adding as much as £2,500 to the purchase price.
13,000 houses in the £125,000 to £250,000 stamp duty band were sold in Wales last year, with an average stamp duty bill of £1,600.
The average property value in Wales is £166,722, which would incur a stamp duty bill of £1,667.
Mark Isherwood AM, Shadow Minister for Communities & Housing, said, “Welsh Conservatives want to help families who want to get their first step on the housing ladder by tackling Labour’s housing supply crisis.
“Unlike this lazy Labour Government which has sat on its hands for the past 15 years and presided over a massive decline in home building, Welsh Conservatives are anxious to take positive action.
“Fewer homes were built last year than at any time in the past 25 years. We want to cut red tape to allow the construction industry to prosper and build more homes.
“Our proposals send out a clear message that Welsh Conservatives are the party of low tax, of aspiration and of ambition.
“Our package of policies to address Labour’s housing supply crisis by building more homes, cutting stamp duty and bringing vacant homes back into use is a shot in the arm of the Welsh housing market.”
Paul Davies AM, Shadow Minister for Finance, said, “Welsh Conservatives are committed to a low tax future for Wales.
“We are the first party to set out what we would do with the taxation powers soon to be transferred to Wales and are keen to use these tools to grow the Welsh economy.
“Low tax economies are more competitive, more entrepreneurial and have the edge in attracting investment and nurturing home-grown businesses.
“Today we are debating our plans to support families who want to buy a home but are put off by raising the final few thousands of pounds to pay the stamp duty bill.
“Buying a property is one of the most expensive times of your life, and putting up to £2,500 back in the pockets of homebuyers will be particularly welcome.”